14 September 2012 17:50 [Source: ICIS news]
HOUSTON (ICIS)--US August styrene contracts were fully settled up by 3.25 cents/lb ($72/tonne, €55/tonne) from July, following direction from the August record high benzene contract, trade sources said on Friday.
The increase took the August styrene contract price to 73.75-77.75 cents/lb.
The full settlements come a week after initial settlements emerged at increases within a range of 2.50-4.00 cents/lb.
The August US benzene contract settled at an all-time high of $4.60/gal, up 30 cents/gal from the July contract.
Styrene producers had originally announced price increases of 7.00-8.00 cents/lb for August.
For September, no price increases have been announced.
The US September benzene contract settled at $4.20/gal, down by 40 cents/lb from August on the back of weaker demand, excess supply and a drop in spot prices, according to trade sources.
Major US styrene producers include Americas Styrenics, Styrolution, LyondellBasell, Total and Westlake Chemical.
($1 = €0.77)
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